The Company recorded 473,061 truck hours during the first quarter of 2012 compared to 431,140 hours in the fourth quarter of 2011, and 313,445 hours for the first quarter of 2011. The Company’s fluid transport segment heavy truck fleet totaled 540 at March 31, 2012. Capital expenditures for the Fluid Logistics and Other segment were approximately $43.1 million for the quarter ended March 31, 2012 comprised of $36.1 million for frac tanks, $3.7 million for vacuum trucks and trailers, $2.0 million for a salt water disposal well, and the balance for other related equipment.
As of March 31, 2012 the Company utilized 452 vacuum trucks, 88 other heavy trucks, 2,848 frac tanks, and 18 salt water disposal wells.
Liquidity and Capital Resources
As of March 31, 2012, the Company had $20.6 million in unrestricted cash and $16.5 million of restricted cash. Also, the Company had outstanding $280 million of 9.0% Senior Notes and $14.8 million of other notes. As of May 15, 2012, the Company had $22.7 million in unrestricted cash and the $75.0 million secured credit facility remained undrawn.
Company management will host a conference call to discuss its first quarter 2012 financial results starting at 10 a.m. EDT (9 a.m. CDT) on Wednesday, May 16, 2012. Investors can participate in the call by phone, or listen to the call via audio webcast, as follows:
In the U.S. and Canada, dial 888-680-0894 (passcode 29422553). International callers dial 617-213-4860 (passcode 29422553). A telephone replay will be available through May 21, 2012. To access the replay, callers in the U.S. and Canada dial 888-286-8010 (passcode 67657200). International callers can access the replay by dialing 617-801-6888 (passcode 67657200).
To minimize telephone hold times the day of the event, participants can pre-register for the call by visiting the following site:
and click on “Investor Relations,” then “Events and Presentations.” Shortly after the conclusion of the call, a webcast replay will be made available on the same page of the Company’s investor relations Website.
About the Company
Forbes Energy Services Ltd. is an independent oilfield services contractor that provides a broad range of drilling-related and production-related services to oil and natural gas companies, primarily onshore in Texas, Mississippi and Pennsylvania. More information on the Company can be found by visiting
Forward-Looking Statements and Regulation G Reconciliation
This press release contains “forward-looking statements,” as contemplated by the Private Securities Litigation Reform Act of 1995, in which the Company discusses factors it believes may affect its performance in the future. The accuracy of the Company’s assumptions, expectations, beliefs and projections depend on events or conditions that change over time and are thus susceptible to change based on actual experience, new developments and known and unknown risks. The Company gives no assurance that the forward-looking statements will prove to be correct and does not undertake any duty to update them. The Company’s actual future results might differ from the forward-looking statements made in this press release for a variety of reasons, which include: supply and demand for oilfield services and the level of oil and natural gas prices; the continued uncertainty in the global financial markets and its effect on domestic spending in the oil and natural gas industry; the Company's ability to maintain or improve pricing on its core services; the potential for excess capacity in the industry; and competition. Additional factors that you should consider are set forth in detail in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (the "Form 10-K"), as well as other filings the Company has made with the Securities and Exchange Commission. Should one or more of the foregoing risks or uncertainties materialize, or should the Company’s underlying assumptions prove incorrect, the Company’s actual results may vary materially from those anticipated in its forward-looking statements, and the Company’s business, financial condition and results of operations could be materially and adversely affected.